Opening of Ace Hardwood Store. Loan provided by Commercial Loan Direct.
Section 207/223(f) insures mortgage loans by facilitating the refinancing or purchase of existing apartment complex buildings and other multifamily properties. Properties that need a substantial amount rehabilitation are not eligible for mortgage insurance with this program.
The program allows for long-term mortgages that can be financed with Government National Mortgage Association Mortgage-Backed Securities. This improves the availability of mortgage funds and permits lower interest rates.
Insured mortgages may be used to finance rental housing with 5 or more units with complete baths and kitchens and have been rehabilitated for at least 3 years prior to the date of the application. Non critical restorations of the property are required to be completed within a year of the closing date. This program does not accept properties that require a substantial amount of rehabilitation. The term of the mortgage cannot exceed 35 years or 75 percent of the life of the physical improvements to the property (whichever is less).
Eligible mortgagors include profit and non-profit borrowers.
What Clients Say About Us
Fernando and Leanne are amazing. I had many small businesses that need refinancing over the years. I have met many Brokers and there is always a catch. ALWAYS!… Use them! Once you do you will work with them forever
- Nirav Patel
If you searching for a great experience Commercial Loan Direct is the place. Leanne took care of me and honestly had the greatest experience. She handled all of my needs in a smooth and timely manner listened and addressed any concerns I had about the process and was very patient. I can be quite a handful at times and Leanne was so professional and kind hearted. I'd 100% recommend this company. Thank you again.
- Vincent Arias
We were in unfamiliar territory when it came to refinancing. Commercial Loan Direct streamlined the whole process for us. Leann connected us with lenders that were the right fit for us. The money and time we saved was so worth it. I highly recommend them
- Rita Pisarski
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